Acquisitions Analyst - MOB/Senior Housing

Hi Everyone - What are your thoughts on a REPE acquisitions analyst role specializing in medical office buildings OR senior housing? In your opinion, are these property types too niche? Do they have the potential to limit future exit ops to a firm specializing in traditional office or multifamily? Would you entertain a position focusing on these asset classes? Any and all opinions are greatly appreciated.

 

TLDR: I don't think seniors housing is too niche as there are some comparable asset classes. If REPE acquisitions is the end goal, I'd break in for sure. You can always learn different asset classes

Other posts on this but seniors housing, while more "niche" is very comparable to the hotel asset class as both are very operationally heavy. The metrics they use to determine performance, while different for both asset classes, use the same fundamental blending/averaging (i.e. RevPOR, RevPAR, ADR, etc.). Depending on the type of seniors housing and level of care, the turnover is quite high as well so the move ins/move outs is comparable to the turnover of guests staying at a hotel when analyzing occupancy. happy to answer any more questions on this. Feel free to PM if you're more comfortable with that. Also, independent living campuses can be very similar to multifamily.

Have no experience with MOB so can't say for sure. How large are the assets though: single-tenant dentist offices or larger scale medical campuses? I would imagine larger scale operations would be comparable to regular office asset class, just a different tenant. You're still worried about lease longevity, tenant rollover, CAM, etc. Others should chime in tho.

 
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Can't opine on senior housing, but I've chased a couple of MOB portfolios and buildings. Based on my experience and talking with guys who focus on MOB, it's a very competitive space given the limited supply. Many hospitals like to own their MOBs with no intention to sell. It can be frustrating to spend months doing thorough DD on a big portfolio just to get outbid by one of the megafunds. Most of them are sniffing around in the space and willing to pay more than you (lower cost of capital, and funds that absolutely have to be deployed). The middle market could be an interesting space, but finding those one-offs is pretty tough. A guy I know at a family office in the MM space has expressed similar frustrations and hasn't closed a deal in over a year. Wouldn't want to be in that position. Needless to say he's looking to leave.

Bottom line, I would prefer to start in a less niche asset class. Given the similarity to traditional office you could get some good underwriting experience and make a switch down the road. Make sure to ask this company about their deal flow, pipeline, and what they've closed recently.

 

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